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China's BAIC backs Swedish company to buy Saab

Koenigsegg, a Swedish sports car maker, is hooking up with China's Beijing Automotive Industry Holding Co Ltd (BAIC) to take over the General Motors brand Saab. Under the deal, BAIC becomes a minority owner in Koenigsegg, who will own 100 % of Saab.

Koenigsegg Group said BAIC would become a minority owner in Koenigsegg as part of a memorandum of understanding signed between the two parties.

"Koenigsegg Group will own 100 percent of Saab Automobile. The aim is to sign a final agreement later this year," it said in a statement.

The Swedish group had been short 3.0 billion kronor (290 million euros, 412 million dollars) to complete the purchase of Saab first announced in June, though the total purchase price has never been disclosed.